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Market Report

Monday, 08-Feb-2016

NSE

  • The S&P BSE Sensex closed 329.55 points or -1.34 per cent lower at 24,287.42 today. It hit an intraday low of 24,196.84 and a high of 24,698.95 during the day. As much as 100 stocks hit their 52-week lows on the BSE. The Nifty50 closed 101.85 points or -1.36 per cent lower at 7,387.25 today. It hit an intraday low of 7,489.70 and a high of 7,512.55 during the day.

  • Our market witnessed heavy selling in the last one hour of trade. After trading flat for most part of the session, markets closed the first trading day of the week on a desolate note tracking a sell-off in European markets after mixed US economic data raised uncertainty over global growth. The market was cautious ahead of the crucial gross domestic product data, which is due later in the day.

  • The S&P BSE Sensex cracked over 400 points in the last one hour of trade today weighed down by over -2 per cent cut seen in the European markets. The Nifty50 cracked over 100 points and broke below its crucial support level of 7,400. If the index sustains below this level, there are higher chances that the index will retest its recent low of 7,241.50, say experts.

  • I think the stand-out feature was the strong selling that we saw in the last 45 minutes to an hour, said Mitesh Thacker. For me that is a trend changer. In case we start in the negative on Tuesday, I would look at possibly 7,325-7,310 being filled and Nifty50 should retest the 7,250 level very quickly, specially if the Bank Nifty start breaking below 14,820, said Thacker.

  • If the trend continues on Tuesday as well and the index starts trading below today's low of 7,363 in the first 15 minutes, I would simply take all bullish bets off and stay on the sidelines, said Dr CK Narayan of Chart Advise. I think the softness in the market can be attributed to the weak opening of European markets, but we are also trading near key resistance levels, which the index could not cross. This shows the market is not strong enough to continue higher, he added.

NIFTY 3-Month

(Data/Charts courtesy NSEI/Yahoo!/iCharts/The Economic Times)